Avalo Therapeutics (NASDAQ:AVTX) Stock Price Down 5.8% – Here’s What Happened
by Kim Johansen · The Markets DailyAvalo Therapeutics, Inc. (NASDAQ:AVTX – Get Free Report)’s share price dropped 5.8% during mid-day trading on Tuesday. The stock traded as low as $14.17 and last traded at $13.7560. Approximately 34,818 shares changed hands during trading, a decline of 97% from the average daily volume of 1,143,740 shares. The stock had previously closed at $14.60.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on the stock. Leerink Partners started coverage on shares of Avalo Therapeutics in a research note on Monday, July 6th. They issued an “outperform” rating and a $38.00 price objective for the company. Bank of America started coverage on shares of Avalo Therapeutics in a report on Friday, June 12th. They set a “buy” rating and a $35.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Avalo Therapeutics in a report on Wednesday, September 16th. Guggenheim set a $48.00 target price on Avalo Therapeutics and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, BTIG Research reiterated a “buy” rating and issued a $58.00 price objective on shares of Avalo Therapeutics in a report on Tuesday, June 16th. Twelve investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Avalo Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $45.10.
Get Our Latest Research Report on AVTX
Avalo Therapeutics Trading Down 7.9%
The stock has a market cap of $720.79 million, a price-to-earnings ratio of -3.08 and a beta of 0.68. The stock’s 50-day moving average price is $18.08 and its 200-day moving average price is $16.91.
Avalo Therapeutics (NASDAQ:AVTX – Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.83) EPS for the quarter, missing analysts’ consensus estimates of ($0.58) by ($0.25). As a group, analysts predict that Avalo Therapeutics, Inc. will post -2.82 earnings per share for the current year.
Insider Buying and Selling
In other Avalo Therapeutics news, CFO Christopher Sullivan sold 12,394 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $16.33, for a total transaction of $202,394.02. Following the completion of the sale, the chief financial officer directly owned 39,900 shares in the company, valued at approximately $651,567. This trade represents a 23.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 24,258 shares of company stock worth $415,434 over the last quarter. Corporate insiders own 4.46% of the company’s stock.
Institutional Trading of Avalo Therapeutics
Several hedge funds have recently modified their holdings of AVTX. Braidwell LP bought a new stake in Avalo Therapeutics during the 2nd quarter valued at $30,107,000. Seven Fleet Capital Management LP lifted its stake in shares of Avalo Therapeutics by 806.0% in the first quarter. Seven Fleet Capital Management LP now owns 573,883 shares of the company’s stock valued at $8,568,000 after buying an additional 510,540 shares in the last quarter. Squarepoint Ops LLC grew its holdings in shares of Avalo Therapeutics by 624.9% during the second quarter. Squarepoint Ops LLC now owns 589,245 shares of the company’s stock valued at $10,889,000 after buying an additional 507,960 shares during the last quarter. DV Trading LLC acquired a new position in shares of Avalo Therapeutics during the first quarter valued at about $5,376,000. Finally, Affinity Asset Advisors LLC increased its position in shares of Avalo Therapeutics by 27.6% during the first quarter. Affinity Asset Advisors LLC now owns 1,340,840 shares of the company’s stock worth $20,019,000 after acquiring an additional 289,786 shares in the last quarter. Institutional investors own 87.06% of the company’s stock.
Avalo Therapeutics Company Profile
Avalo Therapeutics, Inc is a clinical-stage biotechnology company focused on developing therapies for immune-mediated diseases. The company’s research strategy centers on addressing conditions in which abnormal immune-system activity contributes to inflammation and tissue damage.
Avalo’s lead product candidate is AVTX-009, a fully human monoclonal antibody designed to neutralize interleukin-1 beta, a pro-inflammatory cytokine involved in several inflammatory disorders. The company is evaluating AVTX-009 in clinical development for hidradenitis suppurativa, a chronic inflammatory skin condition, and may pursue additional indications in which interleukin-1 beta plays a role.
The company was formerly known as Cerecor Inc and adopted the Avalo Therapeutics name as it shifted its strategic focus toward immunology and inflammation.